Gupta to set up B2B platform in Qatar
Mumbai-headquartered B2B payment gateway solution provider, SafexPay, has started eyeing its expansions in Qatar markets post its entry among the top 11 fintech start-ups at The Qatar Fintech Hub (QFTH) by Qatar Development Bank.
The QFTH, co-founded by the Qatar Development Bank (QDB) and established to support the growth of the fintech industry in the hydrocarbon-rich sultanate, has announced the final list of successful fintechs to join ‘Wave 2’ of its Incubator and Accelerator Programs, which are due to run until June 2021.
The QFTH had received more than 500 applications from early-stage and mature fintechs from over 58 countries, including the USA, India, Singapore, Nigeria, Russia, Hong Kong, the UK, Turkey, and Qatar.
Following a rigorous and multilevel evaluation process, a total of 40 fintechs were shortlisted to present their solutions via a virtual pitch, a process judged by a panel of representatives from QFTH stakeholders and strategic partners.
Out of the 40 shortlisted, the top 22 were selected and invited to participate in the Incubator and Accelerator Programs. The selected fintechs cover a variety of technology solutions, such as AI, ML, Blockchain, RPA, NFC, NLP, OCR, and other fintech solutions.
SafexPay, a 2017 fintech, stood out among the top 11 mature fintech in the ‘Wave 2’ of the Accelerator Program representing the only fintech company from India among the finalist to receive a support of undisclosed funding from Qatar Development Bank.
Commenting on the win, Ravi Gupta, Founder, SafexPay, said, “This is a great achievement for us in the international market as this will help us to boost our services and increase our visibility on a global level.
“We already have launched the platforms in UAE and Saudi Arabia last year. We will be using the support funds on setting up Platform in Qatar and providing new technologies. We are really proud as a fintech start-up to achieve this and represent India among the top 11 mature fintech start-up across the globe.”
Commenting on the start of the programmes, Abdulaziz bin Nasser Al Khalifa, Chief Executive Officer of QDB and Fintech Task Force Chairman, said, “This marks the beginning of their journey towards reshaping the future of financial technology in Qatar and beyond, and we are confident they will help us in building solid pillars for a knowledge-based economy in Qatar.”
“I would like to congratulate all the fintech startups whose leadership in innovation has enabled them to join our flagship programmes,” he said on 28 April 2021.
For a period of 12 weeks, Wave 2 will offer participating fintechs a unique incubation and acceleration journey with all the essential support required to establish their businesses locally and to grow regionally and internationally.
Each participating fintech will receive financial and in-kind support of up to US$250,000, in addition to bespoke mentoring and training services provided by QFTH, its strategic partners and mentor network of over 36 international and local mentors.
Upon the completion of the programmes, eligible fintechs will be referred to Qatar Central Bank’s Sandbox, where they will receive support on licensing needs in Qatar, in addition to benefiting from a fee waiver on registration. Licensing opportunities from Qatar Financial Centre as well as the opportunity to collaborate with over 16 local financial institutions and regulators and a range of business development and investment opportunities on a global scale will also be available to participating fintechs.
Due to Covid-19 precautions and restrictions, ‘Wave 2’ of both the Incubator and Accelerator Programs will be conducted virtually. The programmes will culminate with a Demo Day in June, where representatives from each of the participating fintechs will showcase their innovations to QFTH partners, industry influencers and potential investors.
Safexpay is focused on solving problems for businesses who need to either accept online payments from or make payouts to various stakeholders. It also specializes in making platform available to other merchant acquirers such as banks, financial institutions, fintechs and international clients to be the leader in B2B2B white labelled payments. #fintech #technology #financial #banking #economy /fiinews.com
